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Earthquake Insurance went from $573 to $372
05-17-2012, 08:30 AM
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#1
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jun 2006
Posts: 10,010
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Earthquake Insurance went from $573 to $372
That was a surprise. Anyone know why?
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05-17-2012, 08:33 AM
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#2
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Moderator
Join Date: Oct 2005
Location: Texas
Posts: 13,445
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Might this have something to do with it?
http://www.earthquakeauthority.com/U...e%20031010.pdf
Excerpt:
 Quote:
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SACRAMENTO – California Earthquake Authority CEO Glenn Pomeroy testified today before the U.S. House of Representatives Subcommittee on Housing and Community Opportunity and Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, in support of H.R. 2555 (specifically Title II), which would allow the CEA to lower its earthquake insurance rates and policy deductibles. The subcommittees met jointly to examine this legislation.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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05-17-2012, 08:59 AM
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#3
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Full time employment: Posting here.
Join Date: Apr 2012
Location: San Diego
Posts: 783
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Hmmm. We might consider adding it back on.
We cancelled it after my husband (an architect) did some seismic retrofit to our 60's era house. (Adding more sheer walls, better bolts/strapping to the foundation, better diagonal bracing - making all the corners rigid.) Also we found out when we built our granny flat we have "good dirt" - so little chance of liquification.
But that's getting down to a price it might be worth adding back in.
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05-17-2012, 09:46 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 4,755
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rodi, my husband is an architect too.
When we looked at earthquake insurance on Bainbridge Island (before the shake a few years ago) we found that the deductible was untenability large for the cost. His approach was to design our house as if it sat on the side of SA fault and pass on the insurance. As a result when that shake did happen only a couple dry wall tape joints were disturbed.
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Duck bjorn.
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05-17-2012, 10:01 AM
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#5
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Moderator
Join Date: Jan 2008
Location: Land of stinky onions
Posts: 10,858
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Quote:
Originally Posted by TromboneAl
That was a surprise. Anyone know why?
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Was there a change in coverage terms?
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It's not the cards you're dealt in life but what you do with them that matters
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05-17-2012, 12:04 PM
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#6
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Full time employment: Posting here.
Join Date: Apr 2012
Location: San Diego
Posts: 783
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Quote:
Originally Posted by Brat
rodi, my husband is an architect too.
When we looked at earthquake insurance on Bainbridge Island (before the shake a few years ago) we found that the deductible was untenability large for the cost. His approach was to design our house as if it sat on the side of SA fault and pass on the insurance. As a result when that shake did happen only a couple dry wall tape joints were disturbed.
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I have friends on Bainbridge - what a beautiful place.
I used to live up the road in Bellingham back in the 90's.
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05-17-2012, 02:26 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Location: Portland, Oregon
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My icon is a pic from my former home, ferry passing through Rich Passage.
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05-17-2012, 06:42 PM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2006
Posts: 10,010
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Quote:
Originally Posted by MichaelB
Was there a change in coverage terms?
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No, it looks the same.
Every year I agonize over this, since the house is pretty new, bolted down, etc., and every year I cave and buy it. This year, no agonizing.
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05-17-2012, 10:58 PM
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#9
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,268
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Quote:
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SACRAMENTO – California Earthquake Authority CEO Glenn Pomeroy testified today before the U.S. House of Representatives Subcommittee on Housing and Community Opportunity and Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, in support of H.R. 2555 (specifically Title II), which would allow the CEA to lower its earthquake insurance rates and policy deductibles. The subcommittees met jointly to examine this legislation.
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Which California earthquakes is this Pomeroy guy an authority on? Did any of the California earthquakes assist in his training & examinations before he was deemed qualified to be an authority?
Did any earthquakes testify before this subcommittee?
So, Al, after the next earthquake will you be expecting the state of CA to help you repair the damage?
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05-17-2012, 11:19 PM
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#10
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Recycles dryer sheets
Join Date: Mar 2006
Posts: 220
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Quote:
Originally Posted by Nords
Which California earthquakes is this Pomeroy guy an authority on? Did any of the California earthquakes assist in his training & examinations before he was deemed qualified to be an authority?
Did any earthquakes testify before this subcommittee?
So, Al, after the next earthquake will you be expecting the state of CA to help you repair the damage?
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We all know how fiscally responsible the fine legislators are in CA (I live here), so I'm SURE it is a sensible financial decision for the state. 
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05-18-2012, 03:09 PM
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#11
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Recycles dryer sheets
Join Date: Aug 2007
Location: Mt. Pleasant
Posts: 136
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We live in the Charleston SC area and ours went up. Charleston had a big one in 1886.
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05-18-2012, 03:39 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Feb 2010
Posts: 2,334
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Ours has doubled over the last six or seven years, but it's still less than half your new rate. Insurance companies seem to have a dartboard just for determining earthquake premiums.
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05-19-2012, 12:15 AM
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#13
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,268
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Quote:
Originally Posted by braumeister
Insurance companies seem to have a dartboard just for determining earthquake premiums.
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Part of it is a grab for market share (where they lose a little on each transaction in hopes of making it up on volume) and part of it is the price of laying off their risk on the re-insurance companies.
From reading the annual reports of insurance companies, I think they'd save a lot of time & money by firing their actuarial analysts and statisticians and just saying "We use a dartboard". Probably get better results, too.
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